Are people really having the wrong concept of savings? - page 5.

_act_

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Quote from: Solosanz on February 22, 2023, 02:04:31 AM

Quote from: WatChe on February 22, 2023, 01:32:01 AM

Saving is something that goes in a place where you can't access it. The reason why most of us end up spending our savings is because we keep them in our bank accounts, which are under our direct access anytime we want.
The best way to save your money is to lock them in your bank (saving accounts) for a specific period. Saving is a habit that must be developed from your childhood and parents have to play there part to teach there kids about this habit.

I really surprised how can someone who hold Bitcoin can say this? are you lend or lock your Bitcoin to centralized platform in order to make you don't have full control over your coins? because you will cashout your Bitcoin if you hold it on your non custodial wallet where you have full control.

You need to take a look with recent FTX bankruptcy, it's the best reason why you shouldn't trust any centralized platform and even it's really popular, there's still a chance your money will gone.

I do not seem to get what you are saying, he is talking about bank but you are talking about centralized exchanges, banks are centralized too but they are not the same as exchanges because all of us use bank. People have different means of savings, but he go with the opinion that people should have fixed deposit in a way the money will not be accessible for sometimes so that he will not be able to spend it, there is nothing like centralized exchange or coins that he talked about.

Solosanz

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Quote from: WatChe on February 22, 2023, 01:32:01 AM

Saving is something that goes in a place where you can't access it. The reason why most of us end up spending our savings is because we keep them in our bank accounts, which are under our direct access anytime we want.
The best way to save your money is to lock them in your bank (saving accounts) for a specific period. Saving is a habit that must be developed from your childhood and parents have to play there part to teach there kids about this habit.

I really surprised how can someone who hold Bitcoin can say this? are you lend or lock your Bitcoin to centralized platform in order to make you don't have full control over your coins? because you will cashout your Bitcoin if you hold it on your non custodial wallet where you have full control.

You need to take a look with recent FTX bankruptcy, it's the best reason why you shouldn't trust any centralized platform and even it's really popular, there's still a chance your money will gone.

Kakmakr

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Your savings should be goal driven in my opinion...

You can for example say that you are putting $250 a month aside so that you can have a nice holiday at the end of the year... OR you can save $200 a month for "car repairs & tyres" ..... so you basically save to pay for things that you cannot pay for in one month.

Some people have long-term savings for their retirement ..and other people have short-term savings for more expensive goals that they have to save for every month. Wink

WatChe

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Quote from: fuer44 on February 21, 2023, 11:20:48 PM

This is the correct concept of saving, because no matter how much we save from our youth, the money will definitely be used too. Whether it's to buy a new house, new car, or urgent needs. There's nothing wrong with us cutting the budget for the purpose of saving and that doesn't mean that money can't be used either. Precisely when we don't save our money, we are like "work today to eat today, tomorrow is tomorrow, the future is the future". we as the younger generation must start saving from now on.

Saving is something that goes in a place where you can't access it. The reason why most of us end up spending our savings is because we keep them in our bank accounts, which are under our direct access anytime we want.
The best way to save your money is to lock them in your bank (saving accounts) for a specific period. Saving is a habit that must be developed from your childhood and parents have to play there part to teach there kids about this habit.

ethereumhunter

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Quote from: stomachgrowls on February 21, 2023, 06:08:41 PM

Quote from: ethereumhunter on February 21, 2023, 12:10:51 PM

The concept of my savings is to have money for urgent needs that we must solve as soon as possible. With savings, I can pay for services so I don't get any delays. That's why I try to save and when it comes to saving in bitcoin, I try to have lots of bitcoins that I can sell when the price is at its peak. It will be profitable if I can sell the bitcoins I have accumulated for some time.

Saving means preparing to achieve our plans for the future and getting ready if we are in a situation that requires money. So it would be better if, from now on, we learn to save.

Saving could really just be having these purposes;

1. Emergencies
2. Investment
3. Time deposits for children education etc....

It is always been that recommendable on having savings rather than finding yourself into a tough situation just because you dont have any funds allocated for these key areas.
We know that living doesnt really give out any assurance in speaking on having your own work forever or would be some accidents which might led into huge financial
need which if you dont have savings then what would you do? Taking a loan? You would be making yourself putting into much
bigger trouble.

It is very difficult to rely on taking out a loan because there is a return on the money we borrow after our affairs can be resolved. That's the point of having savings in anticipation of emergencies like that so we don't have to borrow money from other people or other places. Sometimes, borrowing money becomes a shortcut for people but they don't realize that the refund must be returned as soon as possible. There are some borrowers who provide interest for the money we borrow so that our debt becomes even greater.

If that happens, we are really in trouble to repay the money because the amount of money we owe is getting bigger and bigger. We definitely don't want to get into such difficult situations so we have to have some spare cash for those emergencies.

fuer44

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Quote from: TheGreatPython on February 21, 2023, 02:29:45 AM

Quote from: fuer44 on February 20, 2023, 10:44:34 PM

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

Whatever the term we choose, short or long term I think a saving will still define as a money that we set a side for a while, in use for later. Our primary goal on why we save is to secure our future so that we will have a peace of mind but life is unpredictable. We are living a healthy life right now but who knows we might experience a sudden pain which can be life threatening if not treated ASAP?

We are now forced to use a portion of our saving to treat it. The same goes if we get into accidents. It's useless if you will save but you won't still use it at the end because you are now gone in this world, unless if the saving is intended to your kids and other family members.

This is the correct concept of saving, because no matter how much we save from our youth, the money will definitely be used too. Whether it's to buy a new house, new car, or urgent needs. There's nothing wrong with us cutting the budget for the purpose of saving and that doesn't mean that money can't be used either. Precisely when we don't save our money, we are like "work today to eat today, tomorrow is tomorrow, the future is the future". we as the younger generation must start saving from now on.

fuer44

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Quote from: jamkesmas on February 20, 2023, 10:55:08 PM

Quote from: fuer44 on February 20, 2023, 10:44:34 PM

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

Do not prioritize saving before spending. Some people may think that saving is an activity that is carried out after meeting all monthly expenses. In fact, saving should be a top priority before spending money for other purposes. In this way, you can determine the amount of money to save and only spend the remaining money after saving.
Do not have a clear savings goal. Some people may save without a clear goal or just save because they are used to doing it. In fact, saving must be done with a specific purpose, such as to prepare for urgent needs, to pay off credit installments or to buy something in the future.

Well, as you know that saving is for the future especially for urgent needs. But if saving comes first instead of spending monthly, what if the monthly spending is less? Take from the savings earlier? I think monthly spending must be determined (only basic needs such as food, drink, bath, electricity and transportation) after which the rest is saved. Tt doesn't mean that we spend monthly money shopping for certain items so that the money that has to be saved is small, but shopping according to needs after that the remaining money is to saving.

ChiBitCTy

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The fact of the matter, and this is something that I have been arguing with people a lot lately, TRUE AI/Artificial Intelligence, does NOT actually exist, not yet anyhow. ChatGPT and other programs of it's ilk are simply learning via machines we've built, with our own limitations. Once a program becomes "self aware" and starts to "self learn", then we will have reach true Artificial Technology and bitcoin and everything else will be under a whole lot of potentially issues.

bittick

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saving will never get you rich but at least you gonna have some spare money for something, you could also use it for investment so that you could grow it, but the essence of saving is that you're just gathering your money for something that currently you couldn't reach or maybe you need to have some spare money if there's emergency nothing more, if someone try to get rich from saving even though having low income then good luck.

coupable

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Each person has his own perspective on saving and is subject to circumstances that differ from one person to another. Therefore, the term for saving is decided based on the circumstances of each person, which are always different from the living conditions of any other person. The difference is permissible and is presented in all possibilities.

romero121

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Google will have the data gathered out of different people. For some the savings might be an untouched fund with regular allocation from their earning for their future generation. They'll have separate fund for emergency and miscellaneous needs. Some people have the savings to meet unexpected needs as we don't know what happens tomorrow. Even now savings is the only thing that gives hand to the bottom level people who doesn't prefer investing thinking of the risk.

Whether the money saved is used or kept even after their death need not be bothered, as the plans vary between people and situations.

Asiska02

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Quote from: Obari on February 20, 2023, 07:55:46 AM

The word "use"(spend) is the key word of concentration because it seems people talk so much of savings as if one isn't supposed to use their saving even until death and I began to wonder what the purpose of saving really is.
We ought save money so money will save us and some also say that we out to save for raining days and we should know that out raining days might differ and one should be free to use their savings and not feel they're doing something wrong when using their hard earned savings.
What's your concept of savings?

Often times I hear people use the word ‘saving for better days’, what seems to baffle me is that aren’t the days you’re already earning money to save not a better day already? Some people regard saving for better days a way to save money to enjoy it later in the future. Little did they know life is not guaranteed to save money now for a later time to spend.

My concept about saving is to keep some part of your daily expenditure for an unforeseen future occurrence that might cause you a lot of money to solve. This should be the primary aim of it but other undisputed reasons of saving money can be attributed to it. One should enjoy their youthful age before getting old. The concept of saving to enjoy later in the future is not 100% idealistic to me.

stomachgrowls

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Quote from: ethereumhunter on February 21, 2023, 12:10:51 PM

The concept of my savings is to have money for urgent needs that we must solve as soon as possible. With savings, I can pay for services so I don't get any delays. That's why I try to save and when it comes to saving in bitcoin, I try to have lots of bitcoins that I can sell when the price is at its peak. It will be profitable if I can sell the bitcoins I have accumulated for some time.

Saving means preparing to achieve our plans for the future and getting ready if we are in a situation that requires money. So it would be better if, from now on, we learn to save.

Saving could really just be having these purposes;

1. Emergencies
2. Investment
3. Time deposits for children education etc....

It is always been that recommendable on having savings rather than finding yourself into a tough situation just because you dont have any funds allocated for these key areas.
We know that living doesnt really give out any assurance in speaking on having your own work forever or would be some accidents which might led into huge financial
need which if you dont have savings then what would you do? Taking a loan? You would be making yourself putting into much
bigger trouble.

isaac_clarke22

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Quote from: Obari on February 20, 2023, 07:55:46 AM

~

It is just a general way of saying that you're saving for something for the future. Whatever it is that you wanted. It is either for the long-term, emergency funds or whatever else you're planning in your future expenses. Dunno why that topic was brought up.
Just like any other users mentioned here, it's to everyone's own money anyway. You do you and whatever floats your boat.

I have savings for entirely nothing that I could think of using in the future, but I do have portion of my savings that is invested to something that I wanted.

ethereumhunter

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The concept of my savings is to have money for urgent needs that we must solve as soon as possible. With savings, I can pay for services so I don't get any delays. That's why I try to save and when it comes to saving in bitcoin, I try to have lots of bitcoins that I can sell when the price is at its peak. It will be profitable if I can sell the bitcoins I have accumulated for some time.

Saving means preparing to achieve our plans for the future and getting ready if we are in a situation that requires money. So it would be better if, from now on, we learn to save.

Doan9269

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It's not about the savings but the way and how to go about achieving it, many wish they had learnt this saving habit by learning how to plan and prepare against the future demands, I also like it when one has something in reserve to always fall back at whenever there's a need to demand for extra things in life, we can be so left without a choice if not from the available means through we might have been saving from to make realization of somethings in life.

_act_

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Quote from: Fivestar4everMVP on February 20, 2023, 06:15:20 PM

Well, those who see savings as money kept and should be touched are probably confusing savings with investment, this are two different things, money can be invested as well as saved, money invested i think should be touched until the goal to which the money was invested for, is reached, but on the other hand, money that is saved is saved to be spent later in the near future, those who feel bad when they spend money they saved probably don't understand the meaning of saving, like I said earlier

There is nothing like money investment in that way, you can invest in coins like bitcoin, you can invest in gold, properties like real estate, you can not invest in money unless you are making profit from it. The money that you invest on today that continue to decrease in value all the time, is that one investment? To people it is not investment, you just save money. If you want to invest in money, it will be in a way that you will save certain amount in fixed amount for a period of time to be yielding profit, that is not even investment if the value decrease more than the money gained from the investment.

Qiubell5

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I think the purpose of saving is for us to use when you have an emergency. Savings money can be used as long as it's an emergency, if we still have money but take out savings, it's not called saving. Savings is money that we set aside when we have more money, and it is more useful for us than the money being squandered for nothing. Or if one day we really need something, we can use the savings.

TheGreatPython

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Quote from: fuer44 on February 20, 2023, 10:44:34 PM

Not a wrong concept in saving, but their goals are different. There are those who save for the short term, for example saving from spring to meet winter. Some are saving for the long term, for example they are preparing for their old age. It doesn't mean money can't be used, even if there is a emergency need, the savings will definitely be used if the monthly spending money is insufficient.

Whatever the term we choose, short or long term I think a saving will still define as a money that we set a side for a while, in use for later. Our primary goal on why we save is to secure our future so that we will have a peace of mind but life is unpredictable. We are living a healthy life right now but who knows we might experience a sudden pain which can be life threatening if not treated ASAP?

We are now forced to use a portion of our saving to treat it. The same goes if we get into accidents. It's useless if you will save but you won't still use it at the end because you are now gone in this world, unless if the saving is intended to your kids and other family members.

Sarah Azhari

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Quote from: Obari on February 20, 2023, 07:55:46 AM

What's your concept of savings?

I have a target when I want to sell my savings.

example bitcoin, I save it until my target is reached.
No, I don't follow everyone where his savings following price, if price rise he sell it.
No, I follow the target time to sell my investment.
Of course, is not short, a minimum of 10 and a maximum 20 years from now, so what ever the price between that time, I won't sell it until my target time is reached.

Topic: Are people really having the wrong concept of savings? - page 5. (Read 806 times)